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The original item was published from 1/5/2023 11:39:10 AM to 1/5/2023 11:41:07 AM.

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Creston News Room

Posted on: January 5, 2023

[ARCHIVED] Understanding Residential Property Assessments

Understanding Property Assessments

BC Assessment is a provincial Crown corporation that classifies and values all real property in British Columbia. Each year, BC Assessment sends property owners a Property Assessment Notice telling them the fair market value of their property as of the uniform valuation date of July 1 in the prior year. (source: BC Assessment, 2019).  

The average residential increase in 2023 in the Town of Creston is 15%.

What is the relationship between property assessment and taxes?
Assessed values determine how taxes are divided, not how much is taxed for.  BC Assessment determines the market value of properties and sends property owners a Property Assessment Notice. Taxing Authorities (Municipality, Province, RDCK, Hospital etc.) determine the property taxes required to collect the revenue needed to pay for public services. Rates are then set based on the budget requirements divided by the assessed values. The Municipality applies the rates to the assessed value of properties and sends property owners a Tax Notice. Click here for a more detailed description on how your Property Assessment will impact your Property Taxes. 

How is an assessment of a property made?
BC Assessment has a professional appraisal staff and an extensive database that is periodically updated. Municipal and Provincial agencies inform BC Assessment of land title changes, building permit approvals and zoning adjustments. BC Assessment also considers a property’s unique characteristics, including location, size, layout, shape, age, finish, quality, carports, garages, sundecks, and condition of buildings (BC Assessment, 2019).

Can I look up my property assessment?
You can look up your assessment at any time online by visiting the BC Assessment website: 

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